Tariff rate for sale of Steel and Iron in India

Iron and Steel falls under HSN code chapter 72 of GST commodity tariff schedule. The details about GST rate changes for sale of Iron and Steel are being updated here. The notification changes on exemptions for GST for sale of Iron and Steel and other circulars related to GST for Iron and Steel are updated in this website.

Update on 18th May, 2017: GST rates for goods

18% GST RATE;

All goods

1. 7201 Pig iron and spiegeleisen in pigs, blocks or other primary forms

28. 7228 Other bars and rods of other alloy steel; angles, shapes and sections, of other alloy steel; hollow drill bars and rods, of alloy or nonalloy steel.

29. 7229 Wire of other alloy steel.

GST makes the tax process so transparent that it is very easy to identify people who are evading tax including steel and iron industry in India.

Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.

Implementation of GST will tend to eliminate the middleman and reduce corruption in highly corrupt states of Orissa, Jharkhand, Karnataka and Chhattisgarh, who also happen to be the highest producers of steel in India.